HOMEOWNERS are increasingly confused about house prices as the current market conditions are producing a raft of surveys, all seeming to say different things.

In the North East, Hometrack says prices have fallen 7.9% in the last year, the Halifax and Nationwide figures show annual price falls at 11.5% and 13.4% respectively, while at the other end of the scale the Land Registry says prices have dropped by 17.2%.

Depending on which survey you read, the average property price in the North East could be anything between £100,600 and £134,311.

While most agree that house prices have been falling, estate agents say these national surveys don’t give an accurate snapshot of local markets as some areas and house types will be less affected by the downturn than others.

“There are far too many people offering up different facts and figures,” says Paul Morgan, regional operations director for Reeds Rains.

“The Nationwide may say prices have risen by 0.9% this month, but what they fail to say is that the market has dropped 10% this year alone.

“If you are thinking of moving, now is a fantastic time as mortgage rates are low and house prices are the best they have been for a long while if the vendor is a motivated seller.

“Yes, you will get less for your home than you would have back in early 2007 but you would also have paid an awful lot more for the house you would have bought back then. It’s a case of swings and roundabouts.

“Get an experienced, qualified estate agent to give you a free, no obligation valuation on your home. It may come out lower than you expected, but look at the 2007 price of the property you want to purchase and the price now. The difference should be the same, if not in your favour.

“I would say we have hit the bottom in the North East and we are starting the slow accent.”

Sarah Mains, of Sarah Mains Residential, says the only way a prospective purchaser can get an accurate idea of what a property is worth is by working with an estate agent who is selling homes to purchasers who can actually complete in their area.

She said: “You can, of course, market your home at whatever you want, but it is only going to be worth what someone will pay for it, and what a mortgage lender will actually lend on it.

“Agree a figure with an agent to test the water. Be realistic and you’ll soon find out what your property is worth.

“A good agent will then work with you to make sure the deal is in your favour and helps you achieve your next move.” Mrs Mains says that three-bedroom semis in Gateshead and Low Fell are proving very popular, as are terraced homes in Newcastle. She also says that apartments are selling well as first-time buyers take advantage of low mortgage rates and reduced asking prices.

“It is always hard to predict what will happen,” she added. “But all indications, especially following our auction this week, is that prices have stabilised and may even be on the up. Eight out of nine properties at auction went for prices well above the guide price.”

While local agents may be seeing signs of recovery, the number of mortgages being approved for house purchase is still 55% below its long-term average at a level usually associated with falling prices.

However Hometrack says demand in the past six months rose by 20% in the North East. “Current turnover levels equate to the average household moving once every 30 years, compared to an average of once every 16 in the past decade,” says Hometrack’s Richard Donnell.

There has even been some signs of optimism from the gloomier economists, such as IHS Global Insight.

Economist Howard Archer says the firm has revised its forecast. “We admit it is looking increasingly unlikely that house prices will fall by another 10% from current levels, as we had previously thought,” he said.

However he urges a note of caution. “We are still far from convinced that house prices have bottomed out and we do not think that we are at the start of a renewed sharp upward trend,” he continued.

“We believe that the pick-up in actual house purchases is likely to remain relatively gradual and fitful for some time to come.”